PHH slashes jobs

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PHH is slashing jobs and closing an office in upstate New York by the first of June, according to a news report.

Last year, PHH Mortgage announced it would leave its office in Amherst, NY by the second half of 2017, but has now bumped the closing date to July 1, according to The Buffalo News.

The closure means that 69 more PHH employees will get their walking papers, leaving 30 employees in the upstate New York office to telecommute. This marks as the third and final round of layoffs, as PHH cut 91 jobs in December last year and will have cut 80 more by the end of this month.

“There’s nothing new that’s prompting this (round),” PHH spokesperson Dico Akseraylian told the Philadelphia Business Journal. “It’s a continuation of what occurred last year.”

According to Akseraylian, two factors contributed to the company’s decision to cut down its workforce: HSBC switched its subservicing contract from PHH and sold around 139,000 mortgage loans to another company; and PHH decided to move all of its mortgage origination work to another location in Jacksonville, Fla.

PHH’s departure from the market comes just four years after it arrived in Amherst. When the company first entered the market in 2013, it expected its newly minted contract with HSBC to help is create as many as 800 local jobs.